Pfizer’s Second Quarter Sees Historic Sales and Bold GoalsJuly 28, 2022
Pfizer’s second quarter 2022 saw historic sales and ambitious goals for the future. The company reported revenues of $27.7 billion for the quarter, reflecting 53 percent operational growth.
The results reflected the largest amount of quarterly sales in Pfizer’s history driven by revenue from its COVID-19 products and growth from multiple therapeutic areas. The company also set an ambitious goal to reach the Net-Zero Standard for greenhouse gas emissions by 2040, a decade ahead of the timeline described in the standard.
During the quarter, Pfizer presented pivotal phase 3 data for etrasimod, a therapeutic candidate for the treatment of moderately to severely active ulcerative colitis, and entered into an agreement for the proposed strategic acquisition of the commercial stage biopharmaceutical company Biohaven Pharmaceuticals and its calcitonin gene-related peptide (CGRP) programs, including their commercial and developmental oral migraine programs, which is subject to the completion of certain closing conditions. Pfizer also launched an initiative to help bring all of its current and future patented medicines and vaccines to the 1.2 billion patients living in 45 lower-income countries around the world at not-for-profit prices.
“In multiple meaningful ways, we made significant progress this quarter on our strategies to bring value to our patients and shareholders, while also making commitments to prioritize the broader needs of the world, including those of the environment and our most vulnerable populations,” said Pfizer Chairman and CEO, Dr. Albert Bourla.
Before the impact of foreign exchange rates, Pfizer increased revenue expectations for the year by $2 billion, which was offset by anticipated foreign exchange impacts, resulting in the company leaving unchanged its full-year revenue guidance of $98 – $102 billion.
For more details, read our second quarter 2022 earnings release.
Global Leadership in the Fight Against COVID-19
With more than 3.6 billion doses of the COVID-19 vaccine Comirnaty shipped to date to 180 countries, Pfizer has continued its leadership in the fight against COVID-19 while investing in research and advancing the science to help meet the pandemic’s ongoing unmet needs.
“I am very pleased with the performance of our business this quarter, with strong operational revenue and earnings growth driven by multiple therapeutic areas across the company, and our COVID-19 franchises continuing to serve patients in need while also propelling us to an all-time high in quarterly sales,” Chief Financial Officer and Executive Vice President, David Denton said.
Returning Value to Shareholders
Pfizer continued its plans to deploy capital to fuel future growth and returning capital directly to shareholders.
The company re-invested more than $12 billion in total into innovation, consisting of $5.1 billion in its R&D innovation pipeline and more than $7 billion in completed business development transactions, in the first six months of 2022.
In addition, $6.5 billion was returned to shareholders to date in 2022 – $4.5 billion in cash dividends and $2 billion in share buybacks. As of July 28, 2022, Pfizer’s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any additional share repurchases in 2022.
“We continue to prioritize high-value uses for our capital, with an emphasis on reinvesting in our business by funding both internally- and externally-developed science and innovation while also continuing to grow our dividend,” said Chief Financial Officer and Executive Vice President, David Denton. “I am confident that Pfizer is well-positioned to continue to deliver exceptional value for our patients and shareholders going forward.”
Please see below for earnings highlights and visit Pfizer’s Investor’s site for more information.
Please reference Pfizer’s second quarter 2022 earnings release for additional information regarding our financial guidance details and assumptions. See release.
Forward-looking statements included herein, including those related to our anticipated operating and financial performance, are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC’s website. Also reference Pfizer’s second quarter 2022 earnings release for additional information regarding our financial guidance details and assumptions. See release.